How to Love Stocks Without the Commitment

In their desire to eschew risk, individual investors continue to flock to bond funds while fleeing equity funds.

The latest indication is that Fidelity Investments bond-fund assets total $849 billion, Reuters reports. That is more than half of the $1.6 trillion that Fidelity—once known primarily as a growth-stock shop—has under management.

The bond allocation is another indication that investors are too scared of equities—a...